DIC India Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

DIC India Ltd trades at ₹614, in a confirmed uptrend and 5 weeks into that stage. That is +11.1% against its own 200-day average. It sits at 70% of a 52-week range of ₹514 to ₹657. On relative strength it has no relative-strength read yet.

Today the stock is in a confirmed uptrend — week 5 of stage 2, confirmed. At ₹614 it trades +11.1% versus its 200-day average and sits at 70% of its 52-week range (₹514–₹657).

Against the market, two honest reads. Cumulative: over the last 2 months the stock moved +18% while the NIFTY 500 moved −6% — ahead of the index over the full window. Recent form: no trailing-13-week read yet — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

DIC India Ltd trades at 18.4× P/E, near the bottom of its own range — cheaper only 9% of the time. Its long-run median P/E is 30.8×, measured across 10.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 18.4× is near the bottom of its own range — cheaper only 9% of the time, against a long-run median of 30.8× measured over 10.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

DIC India Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 9 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

56.4/100 — rank 3 of 4 in Chemicals - Speciality · 64% evidence confidence

DIC India Ltd scores 56.4 out of 100 against the 4 companies it is compared with in Chemicals - Speciality, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 25.2 + 5.8 + 12.9 + 12.5 = 56.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

DIC India Ltd reported ₹284 Cr of revenue in the Jun 26 quarter, +25.7% year on year. That is the 4th straight quarter of year-on-year growth. Over 10 years it has compounded at 1.7% a year. The last full year, FY25, came in at ₹892 Cr. The last four reported quarters add to ₹980 Cr.

FY25 revenue came in at ₹892 Cr (+1.1% on the year), capping 10 years at 1.7% compound. The latest quarter (Jun 26) printed ₹284 Cr, +25.7% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +11.8% growth against the decade's 1.7% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +11.9% over the last 4 quarters against +6.5%/yr over the last 8 — accelerating.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

DIC India Ltd's operating margin is 8.0% in the Jun 26 quarter, +3.9 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −0.2% to 8.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 8.0%, +3.9 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −0.2%–8.0%.

Why the margin moved: operating margin went +3.8 pp year on year while gross margin went +2.2 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

DIC India Ltd earned ₹14.0 Cr of net profit in the Jun 26 quarter, +250.0% year on year. It is the 2nd consecutive quarter of growth. Full-year FY25 profit was ₹17.0 Cr. The 10-year compound rate is −5.5%. That is 4.9% of the quarter's revenue. The same quarter a year earlier earned ₹4.0 Cr.

Jun 26 profit was ₹14.0 Cr, +250.0% year on year — the 2nd consecutive quarter of growth. On the full year, FY25 printed ₹17.0 Cr (−15.0%), and the 10-year compound rate is −5.5%.

Why profit moved: revenue contributed +25.7% and the margin +3.9 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +113.7% vs revenue +11.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 123% of DIC India Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY25 that was ₹43.0 Cr of operating cash against ₹17.0 Cr of profit. After ₹12.0 Cr of capital spending, ₹31.0 Cr was left as free cash.

FY25: operating cash of ₹43.0 Cr against reported profit of ₹17.0 Cr, leaving free cash of ₹31.0 Cr after ₹12.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 123% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 123%: the cash cycle held roughly steady between FY20 and FY25 — so conversion tracks profitability rather than the cycle.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

DIC India Ltd's cash conversion cycle runs 97 days in FY25, down from 101 days in FY20. Capital spending ran ₹29.0 Cr over the last 3 years. At FY25 sales of ₹892 Cr each day of that cycle holds about ₹2.4 Cr, so roughly ₹237 Cr sits inside the business at any moment.

FY25: debtors at 108 days, inventory at 70 days — roughly 2.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 97 days, tighter than FY20's 101.

The full loop: cash goes out to suppliers and production on day 0; stock waits 70 days to sell; customers pay about 108 days after that; and suppliers themselves are paid at 81 days — netting out to the 97-day cycle.

In money terms: at FY25 sales of ₹892 Cr, each day of the cycle holds about ₹2.4 Cr — so the 97-day loop keeps roughly ₹237 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹29.0 Cr over the last 3 fiscal years against ₹55.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹1.0 Cr (FY25) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

DIC India Ltd earns a ROCE of 6% in FY25. That is up from a trough of −4% in FY14. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 1.9% net margin on 1.42× asset turns.

FY25 ROCE is 6%, recovered from a FY14 trough of −4% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY25): 1.9% net margin × 1.42× asset turns × 1.47× balance-sheet leverage ≈ 4.0% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

DIC India Ltd carries ₹4.0 Cr of borrowings against ₹428 Cr of equity in FY25, a debt-to-equity of 0.01. Operating profit covers the interest bill 40×. Over 5 years borrowings went from ₹6.0 Cr to ₹4.0 Cr. Capital spending ran ₹29.0 Cr across the last 3 of those years.

FY25: borrowings of ₹4.0 Cr against equity of ₹428 Cr — a debt-to-equity of 0.01. Operating profit covers the interest bill 40×. Over 5 years borrowings went from ₹6.0 Cr to ₹4.0 Cr while capital spending ran ₹29.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of DIC India Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: +0.0 points over 8 quarters to 71.8%.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

DIC India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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